Terms of Reference

It will be the prime concern of this Committee to ensure that the financial implementation of programs is consistent with the academic objectives of the University as established by Senate.

Accordingly, the Senate Financial Review Committee will:

  1. Advise Senate on the overall financial implications of the academic programs under consideration by the Senate Academic Planning Committee;
  2. Advise Senate on recommendations it may make to the Administration regarding the financial implications related to the undergraduate and graduate programs approved by Senate;
  3. Suggest to Senate modifications of such programs on the basis of academic merit when financial constraints require such modifications;
  4. Informally review the budgeting processes of the University such that the integrity of the academic program, constrained as always by budgetary needs, is maintained;
  5. Provide assistance to Senate in the conduct of its annual Budget Review exercise.

The Committee should meet at least once a year on an informal basis with the appropriate Committee of the Board of Governors so that the Board can be kept fully apprised as to what Senate considers to be the requirements for financing its academic program.

Composition

  1. A Chair to be nominated by Senate Executive from the elected faculty membership of Senate (98/05/29-4359);
  2. Six members of faculty to be elected by their respective faculty boards: Arts and Social Sciences, Public Affairs , Sprott School of Business, Science and Computer Science, Engineering and Design*, and Graduate and Postdoctoral Affairs;
  3. Three students, two undergraduate and one graduate, to be elected by their respective student associations.
  4. The secretariat of the Committee will be provided by the Senate Office. As per the practice governing other Senate Standing Committees, the Secretary shall be a voting member of the Committee.
  5. Representatives from the Offices of the Vice-President (Finance and Administration) and Planning Analysis and Statistics, and any such others as may, from time to time, be determined by Senate, may be added to the Committee as non-voting resource persons.

The Committee should seek, especially but not exclusively, the advice of faculty members expert in accounting and finance.

*For the Faculty of Engineering and Design, it is understood that the elected member will, if possible, be on a rotating basis from the four constituent faculty boards.